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Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at PayPal, Plug Power , Asana, and Range Resources.
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PayPal falls after BofA’s downgrade
PayPal (NASDAQ:) shares fell nearly 1% pre-market today after BofA Securities downgraded the company to Neutral from Buy and cut its price target to $66.00 from $77.00.
The downgrade comes after the stock saw an increase following PayPal’s modest third-quarter earnings beat and the new CEO Alex Chriss’ fresh messaging regarding profitable growth and a heightened emphasis on execution. However, the analysts mentioned that 2024 is anticipated to be a transitional year for PayPal, with new leadership in both the CEO and CFO positions working to establish trust with investors and to drive consistent improvements in key performance metrics, particularly total payment volume growth, which lagged under the previous management.
Despite PayPal maintaining a strong brand, solid balance sheet, and scale, BofA analysts expect the stock to be…
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